Kathmandu: Five life insurance companies have announced new bonus rates for the fiscal year 2067/77. The Insurance Board has approved the actuarial valuation of Prime Life Insurance Company, Reliance Life Insurance Company, Jyoti Life Insurance Company, Met Life(Alico) Insurance Company, Mahalakshmi Life Insurance Company and Asian Life Insurance.
Another 13 life insurance companies have yet to get approval for the actuarial value of the fiscal year 2076/77. Asian Life Insurance is expected to publish the new bonus rate within a week.
The bonus rate announced after the actuarial value of the company each year is based on the premium paid by the insured in the same year.
The Declared Bonus rate for FY 2076/77:
1. Jyoti Life Insurance has declared policy bonus rate at range of Rs. 43 to 75 per thousand to its insured. The company has fixed a bonus rate of Rs 43 for a term of 9 years, Rs. 45 for a period of 10 to 14 years, Rs. 50 for a period of 15 to 19 years, Rs. 55 for a period of 20 to 24 years and Rs. 75 for a period of 25 years or more.
2. Prime Life Insurance has set a range of bonus rate of Rs. 35 to Rs. 75. The bonus for endowment life insurance policy has been fixed at Rs. 35 per thousand for a period of 9 years, Rs. 40 for 10 to 14 years, Rs. 45 per thousand for 15 to 19 years, Rs. 50 per thousand for 20 to 24 years and Rs. 70 for 25 years and above.
3. Mahalakshmi Life Insurance Company has announced a minimum of Rs 40 to Rs 52 per thousand. The company has fixed a bonus rate of Rs 50 for a period of 5 to 15 years, Rs 51 for a period of 16 to 25 years and Rs 52 for a period of 26 to 30 years. The Mahalakshmi Saral Jeevan Bima Yojana has bonus rate of Rs. 50 for a period of 5 to 15 years and Rs. 51 for a period of 16 to 25 years. Similarly, the company has stated that the bonus rate for Mahalakshmi Life Care Insurance Plan is Rs. 50 for a period of 5 to 15 years and Rs 51 for a term of 16 to 25 years.
Similarly, the company has maintained the same bonus rate for all periods in the Mahalaxmi Annual Refund Insurance Scheme. In which the insured will get a bonus of Rs 40.
4. Reliance Life Insurance has set policy bonus rate at the range of Rs. 19 to Rs 60.The insured who has purchased the endowment and whole life insurance plans will get a maximum of Rs 60.
5. Met Life Insurance Company has set a minimum bonus rate of Rs. 45 to a maximum of Rs. 80 in various policies issued. The company’s endowent life insurance has bonus rate of Rs. 60 per thousand for a period of 1 to 15 years. The bonus rate has been fixed at Rs. 70 for a period of 16 to 20 years, Rs. 80 per thousand for a period of 21 years or more.
The endowment life insurance policy (Education Protection Plan) has Rs. 60 per thousand for a period of 1 to 15 years. The bonus rate has been fixed at Rs. 70 for a period of 16 to 20 years, Rs. 80 per thousand for a period of 21 years or more. Similarly, advance payment has been fixed at Rs. 45 per thousand for a term of term life insurance for a period of 1 to 15 years. The bonus rate has been fixed at Rs. 55 for 16 to 20 years, Rs. 65 per thousand for 21 years or more.
